Proptech Market Update 2020 Year-End Review EXECUTIVE SUMMARY – 2020 PROPTECH

PropTech Market Update 2020 Year-End Review EXECUTIVE SUMMARY – 2020 PROPTECH

» Despite a decline from 2019’s record capital raising levels, investment into the U.S. PropTech market remains incredibly active with ~$7.3Bn of equity and debt raised across nearly 300 deals in the category in 2020 » 58 deals of $20M+ in equity invested and 28 deals with $50M+ in equity investment ➔ scale leaders emerging across all sub-categories within PropTech and investors backing established category leaders » $100M+ investment rounds in 2020 into Vacasa, Sonder, Better, Hippo, Katerra, Procore and many others » M&A market remained highly active with ~100 U.S. PropTech M&A deals in 2020 ➔ majority of M&A activity was driven by strategic buyers, but private equity activity increasing Significant Strategic & Private Equity M&A Transactions / / / $10,200MM $11,000MM $250MM / / / $1,800MM $350MM Undisclosed

» Valuation multiples in the market continue to remain strong, especially for software businesses, with the NASDAQ up ~44% in 2020(1) – Rise of SPACs (Special Purpose Acquisition Companies) with focus on PropTech ‒ Opendoor, Porch, Open Lending, Vivint and United Wholesale Mortgage all announced SPAC mergers with multiple additional PropTech-focused SPACs looking for targets ‒ Successful and pending IPOs reflect continued significant public market demand for PropTech companies Successful & Pending IPOs

Market Cap(2): ~$110Bn Market Cap(2): ~$9Bn Market Cap(2): ~$40Bn Filed for IPO

» GCA expects continued strong PropTech market activity in 2021 given the momentum and tailwinds in the sector

Source: (1) Reflects percent change from 1/2/2020 to 12/31/2020. 2 (2) As of 1/22/2021. LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

GCA U.S. PropTech Team Leader in PropTech Advisory – 25+ Global PropTech Deals Announced since 2017 Chris Gough Managing Director

Head of Real Estate Technology A Portfolio Company of Investment from Investment from Acquired Majority interest Phone: (415) 318-3658 acquired by [email protected] Majority investment from

Lizzie Cooperstone We advised the seller We advised the seller We advised Mobysoft We advised the buyer We advised the seller [email protected]

GCA European PropTech Team Acquired by Acquired by Acquired by Acquired by Majority interest acquired by Adrian Reed A Portfolio Company of A Portfolio Company of

Managing Director We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller Phone: +44 (161) 240-6422 [email protected]

Dominic Orsini, Director Acquired by Acquired by Acquired Acquired by Acquired by [email protected]

Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the buyer We advised the seller We advised the seller

Residential RE Software Commercial RE Software

Mortgage / Lending Title / Insurance Acquired by Acquired by Investment from Investment from Acquired by

Home Services Facilities Management

Construction Tech IWMS We advised the seller We advised the seller We advised Mobysoft We advised Capsilon We advised the seller

3 GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT FROM STONE POINT CAPITAL Transaction Overview End-to-End Real Estate Software Platform

GCA acted as financial advisor to Lone Wolf Technologies on its strategic investment from Creates, manages and auto-populates legally Stone Point Capital compliant online forms and contracts by Forms leveraging the industry’s most comprehensive offering of form coverage and types » On October 23rd, Lone Wolf Technologies announced that funds managed by Stone Point Capital will Transaction management tools – MLS integration, become Lone Wolf’s lead institutional Transaction forms, eSignatures, etc. – designed to enhance investor Management agent productivity, drive compliance and manage transactions from contract to close » Lone Wolf Technologies is the North American leader in residential real estate software » The Company provides agents, brokers, Cloud-based, electronic signature for real estate eSignature transactions with over 22 million eSignatures filed franchises, MLSs and associations the annually tools they need to build their business and improve profits

Purpose-built back-office accounting software Back-Office combining traditional accounting with real estate Company Highlights Management transaction functionality that results in sticky relationships throughout any macroeconomic climate

15M+ 1,000+ 8,000+ First-of-its-kind broker command center, delivering Completed Association Brokerage Insights & AI-enabled predictive insights, built upon a data lake Transactions Customers Customers Analytics leveraging 30+ years of proprietary, industry-specific data from Lone Wolf’s existing product suite

All-in-one platform of over 30 partners, offering 1.4M+ 99% 22M+ curated upstream and downstream services and tools to significantly improve the entire real estate North American Forms eSignatures Marketplace Agents transaction experience and deliver unique agent Coverage Per Year differentiation

Source: Company websites and press releases. 4 GCA ADVISES LONE WOLF TECHNOLOGIES ON ITS STRATEGIC INVESTMENT FROM STONE POINT CAPITAL (CONT.) Select Partners and Customers Select Transaction Commentary MLSs & AORs “ We’re excited to work with the team at Stone Point to continue our strategic growth. Stone Point’s investment aligns with our vision to create a truly connected, fully digital real estate experience. We are thankful for the partnership and leadership of Vista Equity Partners over the last five years, and we remain committed to serving the real estate industry going forward.” Brokerages & Franchises Jimmy Kelly, President and CEO, Lone Wolf Technologies

“We are enthusiastic about the long-term opportunities within the real estate services and technology industry. This industry is undergoing rapid digital Marketplace Partners transformation, and we are pleased to partner with Jimmy and his colleagues, who together have built a remarkable company and have demonstrated the vision to continue to grow and better serve their clients.” Chuck Davis, CEO, Stone Point Capital History of Strategic Acquisitions and Product Development

Investment by Acquisition of Launch of Lone Wolf Link Launch of Vista Equity Partners completed a Lone Wolf added cloud-based transaction Seamless integration of Lone Wolf’s Marketplace hosts a variety of digital minority investment management products and extensive forms transaction management solutions with tools, services and partner solutions coverage (i.e., Canada) brokerWOLF enables agents to communicate for real estate agents and brokerages with back-office processes in real-time Jul 2016 Apr 2019 Jan 2020

Apr 2015 Oct 2017 Apr 2019 May 2020 Investment by Acquisition of Launch of Vista Equity partners completed a majority zipLogix brought breadth to existing forms Insight’s AI-enabled system delivers on-demand investment and focused on executing a core business, with complementary transaction snapshots of sales forecasts, GCI and company organic plan while simultaneously looking for management solutions and unique customer dollar inorganic pieces relationships (NAR, CAR)

Source: Company websites and press releases. 5 GCA ADVISES CONSTRUCTION TECH LEADER EQUE2 ON INVESTMENT FROM WESTBRIDGE

GCA Altium acted as exclusive financial advisor to Eque2, a portfolio company of LDC, on the sale to WestBridge

Background • Eque2 are the UK market-leading supplier of business management software to the construction, contracting and house building industries • The Company targets businesses across a range of sizes from SMB (small and medium-sized businesses) to UMM (upper mid-market) within construction & related industries • The investment from WestBridge will support Eque2’s management team to deliver its go to market strategy and SaaS platform growth

About the Transaction • GCA Altium was appointed in early 2020 to assess exit options and prepare for a marketing process to both trade and PE • Preparation and trade outreach commenced in early 2020, with financial, commercial and technology vendor due diligence commissioned Location • The shareholders viewed WestBridge’s offer as the most compelling based on price, relationship, timetable and overall UK strategy to pursue Eque2’s go to market strategy and SaaS growth opportunity • The buyout was led by a five-strong senior management team and provided a full exit for LDC, which acquired a minority stake in the company in November 2017, and other institutional shareholders within three weeks after receiving offers Date December 2020

Deal Type Sell-side M&A

Construction Technology

6 GCA ADVISES MOBYSOFT ON ITS INVESTMENT FROM ECI

GCA Altium advises multi-family software provider Mobysoft on investment from ECI

Background • Based in Manchester, Mobysoft is a fast-growing, highly recurring provider of cloud-based rent arrears management software to the UK social housing sector • Mobysoft’s flagship product, RentSense, processes payment patterns for more than 1.6m properties on a daily and weekly basis and uses predictive analytics software to provide recommendations and optimise workflows for over 140 social housing providers • RentSense has achieved significant penetration of the UK social housing market (>30% on a properties basis) and Mobysoft expects to generate annual recurring revenue of c.£11.5m by December 2020 • Mobysoft was founded in 2003 by Derek Steele About the Transaction • GCA Altium has advised Mobysoft since 2016, successfully facilitating minority investment from Livingbridge in 2017 followed by a debt refinancing process in 2019, and was appointed in late 2019 to assess exit options Location UK • The shareholders viewed ECI’s offer as the most compelling based on relationship, price and overall strategy to pursue Mobysoft’s key growth opportunities • ECI will take a significant stake alongside a minority reinvestment by Livingbridge and management Date September 2020

Deal Type Minority Investment

Multi-Family Software

7 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

8 2020 PROPTECH SECTOR SUMMARY – KEY SUBSEGMENT TRENDS

Residential Real Estate Technology Commercial Real Estate Technology

− COVID-19 accelerating “digitization” of the transaction ➔ − Commercial RE investment activity fell 44% through the first virtual showings, performance / data-driven customer capture, three quarters of 2020, but activity remains highly end-market virtual notary, transaction management, broker management dependent – investors have favored multi-family and industrial tools, tech-driven escrow / title all will benefit from adoption assets relative to retail, office and hotels(3) tailwinds in post-COVID market − Despite a challenging 2020, low interest rates, significant dry power and government stimulus should support the CRE market in 2021 − Record activity in the mortgage vertical driving significant momentum in the market. Mortgage Bankers Association − CRE office solutions that deliver operational efficiency drive expects $3.6Tn in total originations in 2020 ($2.2Tn refi / $1.4Tn high ROI and are in high demand (energy efficiency, utilities purchase) ➔ fueled continued interest in mortgage tech / bulling, predictive maintenance, visitor management, etc.) mortgage originators(1)

− Tenant engagement, tenant experience and tenant safety tools − Brokerages have been the best performing public market are also critical in post-COVID environment segment in PropTech in 2020 ➔ continued verticalization of the market with brokerages working to expand attach rates on title − Continued activity and strong momentum in multifamily / mortgage and adjacent transaction related products management software, especially for firms that are using tech to enhance tenant experience

Up 837% in LTM(2) Up 207% in LTM(2) Up 57% in LTM(2)

Source: (1) Mortgage Bankers Association Mortgage Market Forecast. 9 (2) Capital IQ as of 1/22/2021. (3) CBRE, Global Real Estate Market Outlook 2021 Review. ANOTHER RECORD YEAR – REFLECTED IN 2020 DEAL FLOW

U.S. Real Estate Technology Venture Investment (2015 - 2020)

($MM) Equity Raise Value Debt Raise Value $9,015 295 U.S. PropTech deals in 2020, totaling $7.3Bn in equity and debt $2,060 $7,284

$1,345 Q1 $5,308 $728 Q4 $4,477 $475 $1,808 $250 $7,284 Q3 $6,955 $2,748 Q2 $815 $5,938 $3,933 $4,833 $1,823 $4,226

2015 2016 2017 2018 2019 2020

Avg. Deal Value: $10.6 $8.0 $20.6 $20.1 $21.3 $20.1

Source: Capital IQ as of 12/31/2020, Pitchbook, press releases. Excludes Oyo Rooms and The We Company financing rounds. 10 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. ANOTHER RECORD YEAR – REFLECTED IN 2020 DEAL FLOW

U.S. Growth Capital Raises Greater than $20MM Top 10 U.S. Equity Rounds of 2020

($MM)

Strong deal activity in 2020 in an Latest Select Reported unpredictable economic environment Date Company Investor(s) Amt. Invested Funding to Date Valuation $1,000(1) Equity 4/6 $6,400(2) NA / $1,000 Debt 79 11/24 $350 $710 $1,500

5/19 $200 $1,491 NA

58 11/10 $200 $410 $4,000

6/24 $170 ~$560 $1,300 39 4/20 $150 $155 NA 32 4/30 $150 ~$400 $5,000

15 16 7/21 $150 $709 $1,500

5/21 $123 ~$230 $623

6/2 $108 ~$635 NA 2015 2016 2017 2018 2019 2020

Source: Capital IQ as of 12/31/2020, Pitchbook, press releases. (1) AirBnB raised $1Bn in debt and equity (mix not disclosed) and $1Bn of debt on 4/6/2020. Excludes Oyo Rooms and The We Company financing rounds. (2) Debt and equity mix not disclosed. 11 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. PROPTECH PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Equity Raised to Date: Movers

>$500MM

($614MM) ($468MM) ($3.0Bn) ($8.9Bn Equity / 1 $6.1Bn Debt) 2020 IPO / SPAC

$200MM - $500MM (2021)

$100MM - $200MM

51 companies raised $100MM+

$50MM - $100MM 157 companies raised $25MM+

$25MM - $50MM

Source: PitchBook, CB Insights, company filings, company websites, press releases. Funding totals exclude secondary transactions. Equity raised to date as of 1/16/2021. 12 HIPPO SECURED $350MM FROM MS&AD INSURANCE GROUP

Transaction Overview Hippo Overview Headquarters: Mountain View, CA − On November 24, Hippo Enterprises Founded: 2015 (“Hippo”) announced a capital investment of Description: Hippo Enterprises is a licensed national property and casualty $350 million from Mitsui Sumitomo insurer in the United States. The Company provides an online Insurance Company, Limited, a subsidiary of platform that enables homeowners to obtain customized home Received Strategic MS&AD Insurance Group Holdings, Inc. insurance coverage, ongoing home-care services and Investment from − The investment solidifies the strategic maintenance. partnership between the two companies, Current Investors: which began with MS&AD Ventures’ initial investment in Hippo’s Series E funding round $350MM Invested − The investment will support Hippo’s product roll out in additional states and Mitsui Sumitomo will take on a portion of risk to support Hippo through a reinsurance treaty Hippo Fundraising Timeline Product Overview

Series: A B C D E E-II Modern Home Insurance $710 Policies provided by Hippo set a new standard of home insurance and offer protection for everything from traditional property & liability coverage to individual devices and appliances $350 $360 Home Wellness Hippo helps care for your home and prevent small $210 $150 issues from becoming expensive headaches with $110 $100 $320 complimentary smart home monitoring systems $40 $195 and virtual home maintenance services, DIY guides $15 $70 $110 $15 $15$25 $40 and on-demand bookings Dec-16 Jan-18 Nov-18 Jul-19 Jul-20 Nov-20 Previously Raised New Funding 60-seconds 5 minutes Up to 25% To receive a quote To purchase a policy Savings

Source: PitchBook, CB Insights, Crunchbase, company website, press releases. 13 HIPPO SECURED $350MM FROM MS&AD INSURANCE GROUP (CONT’D)

Geographic Presence

Geographic Presence Today Geographic Presence at Scale

− The company currently offers insurance products to more than 70 − The money will be used to roll out in new states, helping Hippo get to percent of homeowners in the country its goal of reaching 95 percent of U.S. homeowners in the next year

Select Deal Commentary

“ We have been very thoughtful on the people that we’ve “ We value the innovation that Hippo brought to the home bought into the capital structure and how can they help us build insurance space through its advanced classification of risk. We the biggest franchise. Mitsui Sumitomo is one of the best when look forward to learning from one another through our strategic it comes to risk management and shares our desire to leverage partnership, providing high value-added products and services data and analytics to create better outcomes for homeowners. to customers of both companies in the U.S. and Japan, and to We’re excited to deepen our partnership and gain additional continue to support Hippo, which quickly became a top catastrophe modeling expertise from one of the world’s largest insurtech in the U.S. home insurance space and is beloved by its insurers.” customers.” Assaf Wand, Co-Founder & CEO, Shinichiro Funabiki, Director, VP Hippo Insurance Executive Officer, MS&AD Insurance

Source: PitchBook, CB Insights, Crunchbase, company website, press releases. 14 ORCHARD RAISES $69MM IN SERIES C ROUND

Transaction Overview Orchard Overview Headquarters: New York, NY − On September 10, Orchard announced that it Founded: 2017 had raised $69MM in equity led by Description: Operator of home buying and selling marketplace, which digitizes Revolution Growth, with participation from the experience of buying and selling homes. The company utilizes existing investors FirstMark Capital, Navitas, technology to deliver valuation for homes and make contingency- Series C Accomplice and Juxtapose free offers on behalf of the buyer for a new home, enabling led by − This brings the company’s total attributed clients to buy before they sell, while also handling the showing and sale process of the old home funding to $155MM to date(1) Current Investors: − Orchard plans to use its new funding to launch new product offerings and expand $69MM Raised into new markets throughout the country

Solution Overview Orchard Fundraising Timeline

1. Customized Plan Series: A A-II B C Customers start by answering a few questions about their current home and the company pairs them with an Orchard Home Advisor $155 2. Buy Orchard Home Advisor assist customers in $69 finding a new home $86 Make a contingency-free offer and reserve the home with Orchard’s cash $50 $36 $30 3. Sell $20 $86 $50 Orchard Home Advisor finds a buyer for the old $30 $30 home Option to use Orchard Home Loans or a lender May-18 Apr-19 Jan-20 Sep-20 to finalize the mortgage Previously Raised New Funding

Source: PitchBook, CB Insights, Crunchbase, company website, press releases. (1) Additionally raised $200MM in debt to date. 15 STATES TITLE RAISES $123MM IN SERIES C ROUND

Transaction Overview States Title Overview Headquarters: San Francisco, CA − On May 21, States Title announced that it Founded: 2016 had raised $123MM in equity led by Description: Offers patented machine intelligence-enabled tech solutions to Greenspring Associates with participation digitize and automate residential real estate closings. States Title from new investors Horizons Ventures, Series C and its family of brands – North American Title Company (NATC) Eminence Capital, HSCM Bermuda as well as and North American Title Insurance Company (NATIC) – offers Led By existing investors Foundation Capital, solutions for lenders, real estate agents, title agents and Assurant, Fifth Wall Ventures, Lennar homeowners that make closings more simple and efficient Ventures and SCOR Global P&C Ventures Current Investors: − This brings the Company’s total attributed funding to ~$230MM to date $123MM Raised − States Title plans to use its new funding to transform real estate closings at lower costs

Select Deal Commentary States Title Fundraising Timeline(1) “ States Title has developed an automated, patented technology that streamlines the laborious title and escrow process, emerging as the market leader in an industry that historically lacks meaningful innovation. We are thrilled to support States Title as they advance the vision of an instant mortgage that closes with one tap. Especially in the current economic climate, the $229.6 mortgage industry needs to be re-imagined with transformative technological solutions to reduce costs and improve the $123.0 $106.6 customer experience. States Title is leading the vanguard of this $81.6 transformation. $25.0 ” $23.2 Jim Lim, Managing General $10.2 $58.4 $81.6 $106.6 $13.0 Partner, Greenspring Associates $23.2 Seed Series A Series B-I Series B-II Series C (11/25/2016) (12/20/2017) (1/6/2019) (6/20/2019) (5/21/2020) Previously Raised New Funding Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. (1) Per Crunchbase data. 16 STATES TITLE RAISES $123MM IN SERIES C ROUND (CONT’D)

Product Overview

Instant Title Underwriting – Predictive analytics algorithm that Can reduce closing from 30 to 45 days to 20 utilizes a forward-thinking risk-based insurance model to clear title commitments instantaneously

Borrowers authorize closing 2019A revenue of ~$200 million agents to sign on their behalf Remote Closings – To ensure business continuity and accelerate 1 of the top 2 largest bank lenders & 2 of the top Remote Online Notarization transactions, States Title offers 10 largest nonbank lenders as customers powered by multifaceted state and lender- specific eClosing solutions Comprehensive gap insurance Transaction volume grew by 100 times in 2019 from closing to recordation compared to the year prior

Solution Overview

For Lenders For Real Estate Professionals Predictively underwritten title insurance Experienced services and guidance & escrow processes throughout the home purchase or sale White-label digital closing experience process products Customer closing cost and mortgage Resale of direct title services and direct qualification calculators settlement & escrow services

For Title Agents For Homeowners Quick and straightforward underwriting Fast efficient title and escrow services services, with a counsel that guarantees a Machine intelligence used to buy, sell or response back to your questions within 1 refinance homes hour Fast and transparent agency application process for qualified agents

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. 17 SPRUCE RAISES $29MM IN SERIES B ROUND

Transaction Overview Spruce Overview Headquarters: New York, NY − On May 21, Spruce announced that it had Founded: 2016 raised $29MM in equity led by Scale Venture Description: Neutral third party that helps coordinate transactions between Partners with participation from Zigg Capital homeowners and lenders / real estate institutions with a digital- and Bessemer Venture Partners Series B first experience. Spruce takes handles title search, policy, settlement and escrow processes by pairing intuitive software Led By − This brings the Company’s total funding to ~$49MM to date with high-touch human expertise Current Investors: − Spruce plans to use its new funding to accelerate development of its proprietary technology and deepen integrations with $29MM Raised client partners

Solution Overview Spruce Fundraising Timeline Lenders Modern title & closing technology Detailed audit trails of the entire transaction from beginning to end Integrate with current loan origination system or proprietary transaction software Real Estate Tech Partner with industry experts to create optimal workflows $49.1 Digital closing experience has an NPS of 60 and allows customers to view & sign documents, link their bank account, and schedule closing with $29.0 ease $20.1 Homeowners Spruce provides a transaction coordinator $4.5 $15.6 $20.1 supported by a team of in-house experts $4.5 $4.5 Average closing fee of $495(1) Safely receive funds and communicate about Series A Series A-II Series B transactions via secure portal (5/26/2017) (7/18/2018) (5/21/2020) Previously Raised New Funding Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. (1) Excluding Colorado and Florida; Company website as of 7/10/2020. 18 NOTARIZE RAISES $25.7MM IN SERIES C ROUND

Transaction Overview Notarize Overview Headquarters: Boston, MA − On April 15, Notarize filed that it had raised Founded: 2015 $25.7MM in equity led by Polaris Partners CEO: Patrick Kinsel and Hyperplane Venture Capital Description: Provider of a document management platform oriented towards − This brings the Company’s total funding to Series C the real estate industry, allowing consumers and enterprises such $74MM to date as lenders, insurers and title agents to sign and notarize documents online Current Investors:

$26MM Raised

Notarize Highlights Notarize Fundraising Timeline

($MM) Seed Series A Series B-I Series B-II Series C Legally Sign & Subscription and Per- Date 5/15/15 7/5/16 4/20/19 9/4/19 4/15/20 Notarize Documents Available 24/7 Notarization Pricing Equity Raised $2.5 $8.5 $20.0 $17.0 $25.7 100% Online Plans Total Raised to Date $2.5 $11.0 $31.0 $48.0 $73.7

Notarize Products Select Deal Commentary eSign Notarize has been on a trajectory from day one, influencing Electronically sign any document “ Free service legislation and building the technology, relationships and infrastructure to change business processes, while also creating a Online Notarization superior customer experience for an antiquated process. Notarize Connect with a commissioned notary public 24x7 to sign & notarize documents saw the potential to address the pain points of traditional notary with a secure, streamlined solution that is already saving Real Estate Closings government, businesses and consumers countless hours and Signers can electronically review, sign and dollars. notarize real estate documents ” Dave Barrett, Managing Partner, Connects the mortgage industry on 1 platform Polaris Source: Pitchbook, Company website, press releases. 19 ZUMPER RAISES $60MM IN SERIES D ROUND

Transaction Overview Zumper Overview Headquarters: San Francisco, CA − On March 10, Zumper announced that it had Founded: 2012 raised $60MM in equity led by e.ventures Description: Developer of a search-through-close rental platform where a with participation from a number of existing renter can search, schedule a tour or apply through their phone. investors at a post-money valuation between The platform also provides landlords with online tenant screening Series D $400MM and $600MM, bringing the and rent collection services Company’s total funding to $150MM to date Current Investors: − Zumper noted that is experiencing 100% y/y revenue growth and is on track to reach 80 million users on its platform in 2020 $60MM Raised − Zumper plans to use its new funding to strengthen its engineering team and invest further in its ability to process rental payments online Product Overview Zumper Fundraising Timeline Find Houses, Rooms or Apartments for Rent ($MM) Seed Series A Series A-I Series A-II Series B Series C Series D Receive real-time alerts and instantly apply Date 5/1/12 3/3/14 6/25/15 2/1/16 10/18/16 9/17/18 3/10/20 Filter by location, price range, bedroom count, pet-friendly or Equity Raised $1.7 $6.8 $6.4 $11.8 $17.7 $45.7 $60.0 amenity and set an alert to get notifications when a new listing is Total Raised to Date $1.7 $8.5 $14.9 $26.7 $44.3 $90.0 $150.0 posted (1) Post Rental Listings and Collect Rent Select Deal Commentary Post rental listings and screen tenants Collect rent with online payments “ Zumper’s progress so far is striking, and it has quickly become Generate more leads with Zumper’s network the leading independent company focused on the rental market. Acquisition Timeline We believe that Zumper is well positioned because of its focus on providing an exceptional product for renters and great value for Sep Web-based software platform that automates the entire rental landlords and multifamily properties. 2019 process for landlords, leasing agents and tenants ”

Operates an online map-based apartment rentals search Mathias Schilling, Co-Founder & Jan website and mobile application for consumers to search for Managing Partner, e.ventures 2016 rentals by geographic location

Source: Pitchbook, TechCrunch, Company website, press releases. (1) Post-money valuation estimates per Pitchbook and TechCrunch. 20 HOUSECANARY RAISES $65MM IN SERIES C ROUND

Transaction Overview HouseCanary Overview Headquarters: San Francisco, CA − On February 6, HouseCanary announced that Founded: 2013 it had raised $65MM in equity led by Alpha Description: Developer of a real estate analytics platform designed to offer Edison, Morpheus Ventures and PSP Growth residential real estate information for every block and property − This brings the Company’s total funding to and help people make better real estate decisions. The company's Series C $130MM to date real estate analytics platform aggregates millions of data elements to accurately define and forecast values and market − HouseCanary plans to use its new funding to influences, enabling individual buyers and real estate continue to build the most accurate professionals to make better buying and selling decisions valuations in the housing market, continue to Current Investors: build its world-class team to accelerate $65MM Raised development and broad market adoption of HouseCanary and invest in its leading-edge technology Product Overview HouseCanary Fundraising Timeline

($MM) Early Stage VC Series A Series B Series C Date 3/8/17 4/7/17 5/1/17 2/6/20 Equity Raised $0.6 $33.0 $31.0 $65.0 Total Raised to Date $0.6 $33.6 $64.6 $129.6 Data Explorer - Proprietary Property Explorer - Data & Market Explorer - analytics for more than 100 details around individual Interactive neighborhood million US homes homes (e.g., historic price analysis (rental return, Select Deal Commentary growth) affordability, etc.) “ We invest in disruptive companies that are innovative and creative in how they tackle the changing landscape. Through their proven software and data driven technology HouseCanary is streamlining real estate transactions and changing the future of the industry. Agile Insights - Context Agile Evaluation - Agile Certified - Security ” around a home’s true Condition-informed of high-confidence AVM Joseph Miller, Managing Partner, value with individual BPO alternative backed by transferable Morpheus Ventures home reports insurance policy

Source: Pitchbook, Company website, press releases. 21 CHERRE RAISES $16MM IN SERIES A ROUND

Transaction Overview Cherre Overview Headquarters: New York, NY − On February 5, Cherre announced that it had Founded: 2016 raised $16MM in equity led by Intel Capital Description: Provides investors, insurers, real estate advisors and other large with participation from Navitas Capital, enterprises with a platform to collect, resolve, and augment real Carthona Capital, Zigg Capital, Dreamit estate data from public, private and internal sources. Cherre Series A Ventures and Silicon Valley Bank allows customers to evaluate opportunities and trends faster and − This brings the Company’s total funding to more accurately, while saving on manual data collection and analytics costs $25MM to date Current Investors: − Cherre plans to use its new funding to continue powering its fully-integrated data $16MM Raised systems

Product Overview Cherre Fundraising Timeline

($MM) Seed VC Series A Date 10/1/18 2/5/20 CoreAugment - Data network provides updated real estate data Equity Raised $9.0 $16.0 Total Raised to Date $9.0 $25.0

Select Deal Commentary CoreConnect - Ability to connect internal and external data “ We see Cherre as critical infrastructure to accelerate the future of this industry. Our customer diligence repeatedly indicated CoreExplore - Asset, community and ownership information for Cherre’s AI-enabled platform was a foundational pillar — a data properties within the database system of record for large enterprises across the real estate segment. We’re excited to help accelerate Cherre’s global growth trajectory. ” Trina Van Pelt, Vice President, CorePredict - AI engine and real estate professionals available Intel Capital

Source: Pitchbook, Company website, press releases. 22 CREXI RAISES $30MM IN SERIES B ROUND

Transaction Overview CREXi Overview Headquarters: Marina Del Rey, CA − On January 24, CREXi announced that it had Founded: 2014 raised $30MM in equity led by Mitsubishi Description: Provider of a platform that combines an active sales and leasing Estate Company, Industry Ventures and marketplace with marketing, analytics and deal management Prudence Holdings with participation from tools designed to help brokers, buyers and tenants eliminate Series B Lerer Hippeau Ventures and Jackson Square time-consuming processes, find properties and close deals faster Ventures Current Investors: − This brings the Company’s total funding to $45MM to date − CREXi plans to use its new funding to grow its $30MM Raised core business of broker services across the sales, leasing and auction functions and accelerate the refinement and expansion of buyer and tenant resources Product Overview CREXi Fundraising Timeline

Sell ($MM) Seed VC Series A Series B Date 11/17/15 5/21/18 1/24/20 Equity Raised $4.3 $11.0 $30.0 Marketplace Listings Marketing Total Raised to Date $4.3 $15.3 $45.3

CRM Data & Analytics Select Deal Commentary Communication & Collaboration Tools Support “ The CRE industry is evolving, and market players, especially Auction younger, digitally native generations are seeking out platforms that provide free and open access to information. CREXi directly Access 400,000+ qualified buyers through the live auction platform addresses this market need, providing fair access to a range of CRE 65% sell-through rate, 100% close of escrow and 121% above the reserve price information. As CREXi continues to build out its stable of services, Buy features, and functionality, we’re thrilled to partner with them and support the company’s continued momentum.” Marketplace for commercial properties for sale and lease Gavin Myers, General Partner, Prudence Holdings Source: Pitchbook, Company website, press releases. 23 ROOFSTOCK RAISES $50MM IN SERIES D ROUND

Transaction Overview Roofstock Overview Headquarters: Oakland, CA − On January 7, Roofstock announced that it Founded: 2015 had raised $50MM in equity led by SVB Description: Marketplace connecting buyers and sellers of single-family rental Capital with participation from Citi Ventures, homes, offering investment properties in top U.S. markets. The Fort Ross Ventures, 7 Global Capital, Khosla Company provides the resources for investors to buy, own and Series D Ventures, Bain Capital Ventures, Lightspeed sell real estate online, including data analytics, property Venture Partners and Canvas Ventures management oversight and other tools − This brings the Company’s total funding to Current Investors: $133MM to date − Roofstock plans to use its new funding to $50MM Raised invest in its data science, product and engineering capabilities

Product Overview Roofstock Fundraising Timeline

Buy ($MM) Series A Series A-I Series B Series C Series D Buy properties, portfolios or property shares Date 5/1/15 12/29/15 11/21/16 4/16/19 1/8/20 Search, analyze, check out and close on the platform Equity Raised $6.3 $7.0 $20.0 $50.0 $50.0

0.5% commission for buyers Total Raised to Date $6.3 $13.3 $33.3 $83.3 $133.3 Own Third-party property management teams vetted by Roofstock Select Deal Commentary handle day-to-day operations and tenant concerns

Sell “ Roofstock is in the vanguard of the rapidly-growing PropTech $2Bn in transaction volume facilitated since inception space. As startups continue to broaden access to financial services, Close in an average of 15 days we see real estate as an incredibly attractive asset class for retail 2.5% commission for sellers investors looking to go beyond the typical stock and bond portfolio. Acquisition Timeline ” Property management firm certified by leading institutional Sulu Mamdani, Managing Jul lenders in the space as an approved property manager for large Partner, SVB Capital 2018 SFR portfolios

Source: Pitchbook, Company website, press releases. 24 HEALTHY M&A MARKET

Annual U.S. PropTech M&A Activity Select U.S. 2020 PropTech M&A Transactions

($MM)

• Significant 2020 M&A activity Enterprise Buyer Target Announced Date Value − 71% strategic acquirers 12/24 NA − 29% financial acquirers 12/21 $10,200 105 104 102 12/16 NA

11/22 $250

11/9 NA

10/23 NA

57 9/1 $180 8/6 $11,000 45 7/26 $1,800

6/24 NA

5/13 $190

3/3 NA

2/25 $7,100

2016 2017 2018 2019 2020 2/13 $350

1/22 NA

1/14 NA Source: Pitchbook, 451 Research, press releases. 25 THOMA BRAVO TO ACQUIRE REALPAGE

Transaction Overview RealPage Financial Detail(1) ($MM) Revenues Adj. EBITDA $1,275 − On December 21, RealPage, Inc. (NASDAQ: CAGR: $1,156 RP) announced it has entered into a definitive 17% agreement to be acquired by Thoma Bravo for $989 approximately $10.2Bn in an all-cash $870 transaction, which implies 9.1x EV / LTM Sep- To acquire 20 revenue and 32.5x EV / LTM Sep-20 Adj. $671 EBITDA − The purchase price represents a 30.8% $343 premium over RealPage’s closing price of $281 $318 CAGR: $231 $10.2Bn $67.83 on December 18, a premium of 36.5% $163 20% Pending over RealPage’s 30-day VWAP through that date, and a premium of 27.8% over RealPage’s all-time high closing stock price of CY17A CY18A CY19A CY20E CY21E $69.47 on December 7 RealPage 3-Year Stock Price Performance & Select Acquisition History

$100.00 Thoma Bravo to Acquire 18.0mm RealPage Announcement 16.0mm $90.00 August 2, 2018 December 21, 2020 June 12, 2019 $80.00 14.0mm November 6, 2019 12.0mm $70.00 October 12, 2018 10.0mm $60.00 8.0mm $50.00 July 29, 2019 August 31, 2020 6.0mm April 20, 2018 $40.00 January 22, 2020 4.0mm $30.00 2.0mm $20.00 0.0mm Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Jan-21 Sep-18 Sep-19 Sep-20 Nov-18 Nov-19 Nov-20 Mar-18 Mar-19 Mar-20 May-18 May-19 May-20

Source: Capital IQ as of 1/22/2021, Wall Street Research, 451 Research, company websites, press releases and earnings transcripts. (1) Projected figures per Wall Street research consensus. 26 THOMA BRAVO TO ACQUIRE REALPAGE (CONT’D)

Strategic Rationale LTM RealPage Revenue Breakdown as of September 30, 2020

Professional and Other 3% Asset Optimization Thoma Bravo is a leading private Founded in 1998, RealPage 14% equity firm focused on the provides a technology platform software and technology-enabled that enables real estate owners services sectors, with more than and managers to change how Resident Services $73 billion in assets under people experience and use rental Leasing and 45% management as of September 30, space. Clients use the platform to Marketing 2020 gain visibility and transparency in 17% asset performance, leverage data insights and monetize space to generate incremental yields. Property Management 21%

Select Transaction Commentary

I am immensely proud of that We are thrilled to partner with This transaction will provide immediate and substantial value to RealPage “work and also pleased that the “Steve and the RealPage team at stockholders and will enhance the company’s ability to focus on executing its transaction will provide us the this exciting milestone in the long-term strategy opportunity to work with Thoma company’s journey. We look

Bravo, a firm with tremendous forward to applying Thoma Bravo’s software investment and “ operational and investment RealPage and Thoma Bravo can partner to grow the company’s market offerings operational capabilities. expertise in software to help drive

and enhance its current capabilities to capitalize on the increasingly complex RealPage’s continued growth and and expanding real estate market identify attractive“ M&A opportunities.

As technology transformation takes on increasing importance in the real estate Steve Winn, Scott Crabill, industry, RealPage’s diverse and innovative portfolio of products and solutions Chairman and CEO, Managing Partner, puts the company in prime position to accelerate its market leadership RealPage Thoma Bravo

Source: Company websites, filings, earnings transcripts and press releases. 27 COSTAR ACQUIRES HOMESNAP

Transaction Overview CoStar Financial Detail(1) ($MM) Revenues Adj. EBITDA − On November 22, CoStar Group, Inc. (NASDAQ: CSGP) announced it entered into a $1,907 CAGR: 19% definitive agreement to acquire Homesnap, $1,648 Inc. (“Homesnap”) for $250MM in cash $1,400 Acquires − Homesnap provides agents and homebuyers with real-time MLS data and enhanced $1,192 property features alongside digital marketing $965 tools to reinforce client-agent relationships

− Over the last six years, CoStar has expanded $663 CAGR: $250MM into the rentals space through acquisitions of $507 $529 24% Apartments.com, ApartmentFinder, ForRent, $418 Cozy Services and RentPath $280 − The transaction marks CoStar’s first major step into the “for-sale” residential real estate market, shortly after it emerged as a bidder CY17A CY18A CY19A CY20E CY21E for leading property data provider CoreLogic

CoStar 3-Year Stock Price Performance & Select Acquisition History

$1,000.00 3.3x LTM Rev. 2.00mm 6.8x LTM Rev. May 13, 2020 March 3, 2014 $800.00 October 1, 2019 1.60mm June 20, 2019 7.4x LTM EBITDA 7.0x LTM Rev. April 29, 2015 November 8, 2018 $600.00 October 26, 2020 1.20mm 3.9x LTM Rev. September 12, 2017 February 11, 2020 $400.00 2.6x LTM Rev. .80mm November 22, 2020 $200.00 6.3x 2020E Rev. .40mm

$0.00 0.00mm Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21

Strategic Rationale

U.S. Residential Real Estate ($27Tn(1)) Over the past 30 years, CoStar has Similarly, Homesnap has spent years become the leading real estate building tools that reinforce the agent- technology platform by working in client relationship and now works in very partnership with commercial real estate close partnership with residential real brokers to serve their needs for data, U.S. Commercial Real Estate estate agents to serve their needs for analytics and advertising exposure for ($16Tn(1)) data, analytics and advertising exposure their property listings for their property listings

Quadruple the number of professional, Triple CoStar’s U.S. total addressable market Double the number of U.S. property listings paying brokers and active agent users on the from estimated $16 trillion today to over available across CoStar’s brands from 1.35 CoStar platforms from approximately $43Tn with the expansion into the million today to over 2.6 million 100,000 today to over 400,000 residential real estate space

Homesnap Highlights(2) Select Transaction Commentary

“ The tools and functionality developed by Homesnap for $40MM ~$28MM residential property agents, such as lead generation, client CY2020E Revenue CY2019A Revenue collaboration, and digital advertising, have direct applicability to commercial brokers. Our goal is to make these enhanced capabilities available to all of our audiences. ” 1.3MM Andrew C. Florance, Founder & Active Listings CEO, CoStar Group

Source: Company websites and press releases. (1) Value of the US Housing Market, Federal Reserve Flow of Funds and Urban Institute, March 2019. 29 (2) The Real Deal Press Release. INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE

Transaction Overview Intercontinental Exchange (NYSE:ICE) Financial Detail(1) ($MM) Revenues Adj. EBITDA − On August 6, Intercontinental Exchange (NYSE: ICE) entered into a definitive $6,694 CAGR: agreement to acquire Ellie Mae, the leading $5,933 10% $5,202 cloud-based platform provider for the $4,974 Acquires mortgage finance industry $4,638 $4,197 $3,852 CAGR: − Transaction valued at an enterprise value of $3,366 $3,207 9% from ~$11Bn (mix of 84% cash / 16% equity), $2,965 12.2x EV / 2020E revenue and 23.4 EV / 2020E Adj. EBITDA

$11Bn

CY17A CY18A CY19A CY20E CY21E

Intercontinental Exchange (NYSE:ICE) 3-Year Stock Price Performance & Select Acquisition History

$140.00 20.0mm 18.0mm $120.00 October 4, 2018 June 12, 2019 16.0mm February 21, 2020 14.0mm $100.00 12.0mm July 23, 2018 $80.00 10.0mm 8.0mm $60.00 July 23, 2018 August 6, 2020 6.0mm 4.0mm $40.00 2.0mm $20.00 0.0mm Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Jan-21 Sep-18 Sep-19 Sep-20 Nov-18 Nov-19 Nov-20 Mar-18 Mar-19 Mar-20 May-18 May-19 May-20

Source: Capital IQ as of 1/22/2021, Wall Street Research, company websites, press releases and earnings transcripts. (1) Projected figures per Wall Street research consensus. Excludes impact of Ellie Mae acquisition. 30 INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE (CONT’D)

Strategic Rationale Key Financial Metrics

Ellie Mae is the leading cloud-based Intercontinental Exchange (NYSE: ICE) is ~$900MM ~$470MM platform provider for the a Fortune 500 company formed in the 2020E adjusted mortgage finance industry. Ellie year 2000 to modernize markets. ICE 2020E revenues EBITDA Mae’s technology solutions serves customers by operating the (Ellie Mae) enable lenders to originate more exchanges, clearing houses and (Ellie Mae) loans, lower origination costs, and information services they rely upon to reduce the time to close with the invest, trade and manage risk across highest levels of compliance, global financial and commodity markets quality and efficiency Expected to realize run-rate cost synergies of $50 million to $65 million by the end of year three

Two combined networks establish ICE as a leading provider of end-to-end Expected that the acquisition of Ellie Mae will be accretive to adjusted EPS in the first electronic mortgage workflow solutions full year of ownership Large and growing addressable market driven by demand for automation and efficiencies Expected Ellie Mae transaction IRR of 10%; ICE ROIC will remain above ICE WACC in Complementary platforms drive strong network effects and customer year one, growing thereafter efficiency gains Expanded network/digital marketplace and data sets combined with Including past acquisitions of both MERS & Simplifile and, upon completion of the unique tools & analytics are critical to automating disconnected and acquisition of Ellie Mae, ICE will have invested a total of roughly $11.5 billion in its disparate processes across the mortgage workflow strategy to automate the mortgage workflow

Leader in End-to-End Mortgage Workflow Solutions(1) Ellie Mae MERS & Simplifile Lead Generation & Processing & Pre-Closing Closing Post-Closing Secondary Application Underwriting Doc. Quality Brokers Mtg. Insurers Settlement Agents Title Agents Servicers Controllers

Borrowers Appraisers Title Insurers Notaries Counties Investors

Credit, Flood & Regulators Other Vendors Source: Company websites and press releases. (1) Intercontinental Exchange Transaction Deck. 31 INTERCONTINENTAL EXCHANGE (NYSE:ICE) ACQUIRES ELLIE MAE (CONT’D)

Ellie Mae Select Acquisition History Ellie Mae Offerings

With the acquisition of Capsilon, Ellie Mae is accelerating the Oct vision of offering an end-to-end SaaS solution for companies in 2019 the mortgage industry

Ellie Mae acquired Velocify to combine Velocify’s lead Oct management, engagement and distribution capabilities with 2017 Ellie Mae’s Encompass CRM and Consumer Connect

Mortgage Returns provided an automated marketing solution Consumer & Wholesale Engagement Nov to help mortgage originators maximize profitability from 2015 clients, prospects and referral partners Loan Origination Ellie Mae acquired AllRegs to expand its customer base and add Oct a broad array of content and services that complement their 2014 Sell: Secondary Marketing & Investor portfolio of product offerings Delivery MortgageCEO provided customer relationship management, Jan and marketing automation solutions for the mortgage industry. Purchase: Correspondent Lending 2014 The acquisition was consistent with Ellie Mae’s mission to automate every aspect of the mortgage process Ellie Mae acquired Del Mar Datatrac in order to boost the Aug Select Transaction Commentary company’s loan volume in 2011 to 1.5 million from 1 million 2011 with an expanded customer base “ Our planned acquisition represents a one-of-a-kind opportunity Jan Mortgage Pricing Systems developed loan pricing technology to add an extraordinary enterprise with great leadership to our 2011 for small, medium and large mortgage banks and lenders family. It will also enhance ICE’s growth strategy in mortgage technology, with complementary products and a wide array of Ellie Mae acquired Mavent to help the software developer Dec customers and stakeholders who will benefit from our core and address predatory lending protection and changes to the myriad 2009 proven expertise in operating networks and marketplaces. mortgage regulations on both the state and federal level ” Jeffrey C. Sprecher, Oct Online Documents provided compliant electronic mortgage Founder, Chairman & CEO, 2008 documents and related services to the mortgage industry Intercontinental Exchange

Source: Company websites and press releases. 32 BLACK KNIGHT ACQUIRES OPTIMAL BLUE

Transaction Overview Black Knight Financial Detail(1) ($MM) Revenues Adj. EBITDA − On July 26, Black Knight, Inc. (NYSE:BKI) $1,431 CAGR: announced it entered into a definitive equity $1,233 8% $1,178 purchase agreement with affiliates of private $1,117 equity firm GTCR, LLC to purchase Optimal $1,052 Blue for an EV of $1.8Bn, subject to Acquires customary purchase price adjustments $710 CAGR: $607 9% − Black Knight will combine its Compass $583 $543 from Analytics business with Optimal Blue in a $506 newly formed entity with minority co- investors Cannae Holdings, Inc. and Thomas $1.8Bn H. Lee Partners, L.P. Black Knight will own approximately 60% of the new entity CY17A CY18A CY19A CY20E CY21E

Black Knight 3-Year Stock Price Performance & Select Acquisition History

$120.00 16.0mm

July 26, 2020 14.0mm $100.00 September 12, 2019 12.0mm $80.00 June 4, 2018 February 8, 2019 10.0mm

$60.00 8.0mm

6.0mm $40.00 November 6, 2018 August 27, 2020 March 3, 2020 4.0mm $20.00 2.0mm

$0.00 0.0mm Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Jan-21 Sep-18 Sep-19 Sep-20 Nov-18 Nov-19 Nov-20 Mar-18 Mar-19 Mar-20 May-18 May-19 May-20

Strategic Rationale Optimal Blue’s Offerings

Product & Hedge Founded in 2002 and Black Knight (NYSE:BKI) is a leading Pricing Analytics headquartered in Plano, TX, Optimal provider of integrated software, Blue is the leading SaaS mortgage data and analytics solutions that marketplace supporting secondary facilitate and automate many of the transactions among the industry's business processes across the largest network of residential Marketplace Counterparty homeownership lifecycle Loan Trading mortgage originators and investors Access Oversight

Prospect Social Media Enterprise Data Marketing Adds market-leading products to Black Knight's comprehensive offerings, augmenting Black Knight's already strong origination software franchise Competitive Data Market Data Connections

Expands SaaS product line and provides significant cross-selling opportunities Select Transaction Commentary

Optimal Blue Select Acquisition History “ Optimal Blue is a business that we have respected for many years. By bringing Optimal Blue into the Black Knight family, we Oct The product, pricing and eligibility (PPE) technology business of 2018 (LoanDecisions LoanLogics will be adding industry-leading product, pricing and eligibility (PPE) Business) capabilities to our already robust set of solutions and enhancing Developer of whole loan mortgage trade management software our already comprehensive data and analytics capabilities. Jul ” intended to bring automation and transparency to the spot 2018 market for mortgage loans Anthony Jabbour, CEO, Black May Provides outsourced risk management and social media Knight 2017 compliance services for the mortgage industry

Source: Company websites and press releases. 34 INTUIT ACQUIRES CREDIT KARMA

Transaction Overview Intuit Financial Detail(1) Revenues Adj. EBITDA − On February 24, Intuit Inc. (NasdaqGS:INTU) $9,009 announced its acquisition of Credit Karma, CAGR: $7,679 Inc. for $7.1Bn 15% $6,784 − The transaction was completed on December $6,025 To Acquire 3, 2020 $5,196 − By agreeing to acquire Credit Karma, a company with nearly $1Bn in unaudited $2,858 $3,010 revenue in calendar year 2019, up 20% from $2,276 $2,481 CAGR: $1,980 the previous year, Intuit accelerates its 11% $7.1Bn mission of powering prosperity around the world

CY17A CY18A CY19A CY20E CY21E Intuit 3-Year Stock Price Performance & Select Acquisition History ($MM) CY17A CY18A CY19A CY20E CY21E $450 6mm Revenues $5,196 $6,025 $6,784 $7,679 $9,009 $400 % Growth 10.7% 16.0% 12.6% 13.2% 17.3% February 24, 2020 5mm Adj. EBITDA $1,980 $2,276 $2,481 $2,858 $3,010 $350 % Margin 38% 38% 37% 37% 33% Adj. EPS $3.78 $5.09 $6.78 $6.92 $8.35 $300 May 15, 2019 4mm $250 January 22, 2018 Stock Data 1/22/21 Valuation Multiples 3mm Closing Price $374.85 EV / CY19A Revenue 14.9x $200 November 18, 2019 52 Week High $398.12 EV / CY20E Revenue 13.1x $150 2mm 52 Week Low $187.68 November 28, 2018 EV / CY19A Adj. EBITDA 40.7x $100 FD Shares Outstanding 276.0 EV / CY20E Adj. EBITDA 35.3x 1mm $50 Equity Value $103,459 Plus: Debt & Minority Interest $2,634 Price / CY19A EPS 55.3x $0 0mm Less: Cash and Equivalents ($5,174) Price / CY20E EPS 54.2x Enterprise Value $100,919 Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Jan-21 Oct-18 Oct-19 Oct-20 Apr-18 Apr-19 Apr-20

Source: Capital IQ as of 1/22/2021, Wall Street Research, Company websites, press releases and earnings transcripts. (1) Projected figures per Wall Street research consensus. 35 INTUIT ACQUIRES CREDIT KARMA (CONT’D)

Strategic Rationale Combined Platform

The platform, leveraging artificial intelligence and connections to over Founded in 1983, Intuit is a global Founded in 2007 by Ken Lin, Credit 100 financial partners, will help consumers: financial platform company with Karma is a consumer technology products including TurboTax, company that provides financing Find the right financial products by matching consumers with pre-approved QuickBooks, Mint and Turbo. Its services including identity offers on loans and credit cards with competitive interest rates that are right ecosystem of financial management monitoring, applying for credit for them. solutions serves approximately 50 cards, shopping for loans (car, home million customers worldwide and personal), filing its taxes Put more money in their pockets by connecting them to higher yield savings accounts and, in the future, will provide faster access to their hard-earned cash.

The combination brings together two technology leaders to help solve the personal finance problems that consumers face today -- managing debt, Provide insights and advice to help consumers make better decisions about maximizing savings, access to better credit cards and loans -- with an aim to their money and improve their credit score. put more money in consumers’ pockets

Credit Karma Business Model Select Transaction Commentary

“ Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform. We wake up every day trying to help consumers make ends meet. By joining forces with Credit Karma, we can create a Paid by the Bank personalized financial assistant that will help consumers find the Scores & Reports Recommendations or Lender right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home Get access to credit Use data to analyze Get a product through scores and reports credit profile and one of Credit Karma’s they’ve always dreamed about, pay for education and take the from TransUnion and make product recommendations, and vacation they’ve always wanted.” Equifax, with weekly recommendations the bank or lender pays updates the company Sasan Goodarzi, CEO, Intuit

Source: Company websites and press releases. 36 FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH

Transaction Overview FAF Financial Detail(1) Revenues Adj. EBITDA − On February 13, First American Financial $6,782 Corporation (NYSE:FAF) announced its $6,202 $6,352 CAGR: acquisition of Docutech for $350MM from $5,772 $5,748 2% Founder & Chairman Ty Jenkins and investor Acquired Serent Capital. The transaction closed on March 3 − The all-cash deal is expected to be accretive to FAF’s full-year 2020 EPS by $0.10 − Docutech’s leadership and staff are expected $1,091 $923 $350MM to remain with the Company following the $777 $790 $810 CAGR: transaction 1%

CY17A CY18A CY19A CY20E CY21E FAF 3-Year Stock Price Performance & Select Acquisition History ($MM) CY17A CY18A CY19A CY20E CY21E $70 February 13, 2020 5mm Revenues $5,772 $5,748 $6,202 $6,782 $6,352 4mm % Growth 3.5% (0.4%) 7.9% 9.4% (6.3%) $60 Adj. EBITDA $777 $790 $1,091 $923 $810 4mm % Margin 13% 14% 18% 14% 13% $50 Adj. EPS $3.70 $4.68 $5.81 $5.44 $4.82 3mm

$40 3mm Stock Data 1/22/21 Valuation Multiples Closing Price $54.63 EV / CY19A Revenue 1.0x 2mm $30 52 Week High $66.78 EV / CY20E Revenue 0.9x 2mm 52 Week Low $29.36 $20 EV / CY19A Adj. EBITDA 5.9x 1mm FD Shares Outstanding 111.6 EV / CY20E Adj. EBITDA 7.0x $10 1mm Equity Value $6,097 Plus: Debt & Minority Interest $1,851 Price / CY19A EPS 9.4x $0 0mm Less: Cash and Equivalents ($1,512) Price / CY20E EPS 10.0x Enterprise Value $6,435 Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Jan-21 Oct-18 Oct-19 Oct-20 Apr-18 Apr-19 Apr-20

Strategic Rationale Select Docutech Customers / Partners

Founded in 1991, Docutech provides Founded in 1889, First American dynamic document technologies Financial is a financial services that streamline and financial provider focusing on the real estate transactions for consumers and industry, offering insurance (title lenders. The company generates and home), lender solutions and real revenue on a per-order model estate data & analytics

The acquisition of Docutech will give FAF an end-to-end digital mortgage platform, improving connectivity with lender customers and providing additional upside in the origination market +175 Lenders

Docutech Offerings Select Transaction Commentary

ConformX Solex [This acquisition] reflects our dedication to improving the home- Document generation engine for the eDelivery, eSign, eClose and eVault “ lending industry platform, integrating with ConformX buying experience and driving the digital transformation of the real estate settlement process. Together, we’re uniquely Docutech’s flagship solution dynamically positioned to provide collateral file management from the creates document packages, leveraging inception of the mortgage process through post-closing, which will integrations with loan origination systems Solex Collaboration Platform help accelerate the evolution of real estate closings. to eliminate data entry, improve Automates settlement/closing agent ” compliance, reduce operational costs and fee verification for mortgage lenders accelerate transactions. The platform Dennis Gilmore, CEO, First supports first mortgage, home equity and American Financial personal unsecured loan lending Income Verification Processes 15%+ of U.S. Automates tax transcript processing to mortgage volume verify income and improve compliance

Source: Company websites and press releases. 38 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

39 PROPTECH PUBLIC COMPANY PERFORMANCE

LTM Share Price Performance

RDFN: 207% RMAX: 3% 300% EXPI: 837% PURP: (13%) RLGY: 57% 250% 239% 200% 150% 66% 100% 47% 40% 50% 14% 7% 0% 4% (1%) (50%) (3%) (100%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

Residential RE Media / Property Mgmt RE Data / RE RE Sharing Credit / Mortgage Commercial Traditional Broader Data Brokerage Portals Software Software Economy / Travel Marketing Brokerage Mortgage / Title Public PropTech Ecosystem

Property Residential RE Data RE Sharing Credit / Mortgage Commercial Traditional RE Media / Portals Management Broader Data Brokerage / RE Software Economy / Travel Marketing Brokerage Mortgage / Title Software

239% 66% 47% 40% 14% 7% 4% (1%) (3%)

LTM Share Price Performance

Source: Capital IQ as of 1/22/2021. 40 PROPTECH PUBLIC COMPANY VALUATION

Enterprise Value / 2021E Revenue Enterprise Value / 2021E EBITDA

16.9x 34.5x 28.0x 22.6x 22.6x 19.9x 7.9x 7.1x 6.6x 15.4x 11.9x 4.0x 4.0x 8.8x 2.9x 6.8x 1.4x 1.2x

Property RE Sharing Credit / Traditional Property Credit / RE Sharing Traditional RE Media / Broader RE Data / Residential Commercial RE Media / Broader RE Data / Commercial Residential Mgmt Economy / Mortgage Mortgage Mgmt Mortgage Economy / Mortgage Portals Data RE Software Brokerage Brokerage Portals Data RE Software Brokerage Brokerage Software Travel Marketing / Title Software Marketing Travel / Title

Public PropTech Ecosystem

2.9x / 8.8x 16.9x / 28.0x 7.9x / 34.5x 4.0x / 15.4x 6.6x / 22.6x 7.1x / 19.9x 4.0x / 22.6x 1.2x / 11.9x 1.4x / 6.8x

2021E Revenue / 2021E EBITDA Multiple

Source: Capital IQ as of 1/22/2021. Multiples represent median value of sector group. 41 AIRBNB COMPLETES IPO

Transaction Overview Management Team

− Airbnb, Inc., the San Francisco based home- sharing platform, went public on December 10, selling 51.5MM in Class A shares at $68.00 per share for total proceeds of $3.5Bn Brian Chesky Joe Gebbia Nathan Blecharczyk Co-Founder & Chief Co-Founder & Head of Co-Founder & Chief Goes public on 12/10 − The company’s shares gained ~113% on their Executive Officer Samara Strategy Officer (NASDAQ: ABNB) trading debut, closing at $144.71 − The company currently trades at an (1) Market Cap enterprise value of $113.9Bn , which $109.6Bn(1) represents ~31.4x LTM (as of September 30, 2020) revenue

Dave Stephenson Aristotle Balogh Catherine Powell Chief Financial Officer Chief Technology Officer Global Head of Hosting Company History

Fall-07: Brian and Joe March-09: Changes its September-11: Expands Summer-13: Opens 888 March-15: Alternative March-17: Launches March-20: Launches host first guest name to Airbnb internationally with Brannan Street accommodations Chinese brand, Aibiying Frontline Stays German office Headquarters provider for Rio 2016

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

March-08: Officially November-10: May-12: Introduces July-14: Introduces the November-16: Launches March-19: Acquires April-20: Launches launches during SXSW Launches mobile app $1MM Host Guarantee Belo Experiences Hotel Tonight Online Experiences and Instant Book feature

Source: Company filings, Wall Street Journal and press releases. (1) Market Capitalization and Enterprise Value as of 1/22/2021. 42 AIRBNB COMPLETES IPO (CONT’D)

Financial Profile ($MM)

$6,000

$4,805 $5,000

$4,000 $3,652

$3,000 $2,562

$2,000 $1,656 $919

$1,000 $60 $171

$- $(53) $(94) $(253) $(1,000) CY15A CY16A CY17A CY18A CY19A

Revenue Adjusted EBITDA Annual Gross Booking Value ($Bn) Quarterly Gross Booking Value ($Bn)

$60.0

326.9 $14.0 81.3 83.9 85.9 75.8 62.2 64.8 65.8 57.5 57.1 61.8 $50.0 44.4 48.9 49.5 43.0 $12.0 28.0 250.3 $10.0 $9.8 $9.7 $10.0 $40.0 $38.0 185.8 $8.5 $7.7 $7.7 $8.0 $29.4 $8.0 $7.5 $30.0 125.7 $6.5 $6.8 $5.6 72.4 $21.0 $6.0 $5.5 $5.1 $4.8

$20.0

$13.9 $4.0 $3.2

$10.0 $8.1

$2.0

$0.0 $0.0 CY15A CY16A CY17A CY18A CY19A Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 17A 17A 17A 17A 18A 18A 18A 18A 19A 19A 19A 19A 20A 20A 20A Annual Gross Booking Value Annual Nights and Experiences Booked (MM) Quarterly Gross Booking Value Quarterly Nights and Experiences Booked (MM)

Source: Company filings, Bloomberg and press releases. 43 AIRBNB COMPLETES IPO (CONT’D)

Platform for Hosts Platform for Guests

Discover Hosting List Your Space Get Pricing Help Search Listings Checkout Show potential hosts Hosts describe their Offer tools that A tight set of filters helps Guests get to know Guests review trip details how much they can earn space, add photos and automatically adjust guests find the right type everything they need and pay all on one and how to get started choose their booking hosts’ prices to help of experience they are through photos, reviews simplified screen with listing their space setting them get more bookings looking for and detailed descriptions highest security in mind 800MM+ Airbnb guest arrivals all-time(1)

4MM+ Hosts on Airbnb(1)

$100Bn+ Earned by hosts, all-time(2)

Choose When to Host Get Feedback Reservation Details Messaging Reviews Hosts use the calendar to Share guests’ reviews $7.9K One clear, easy-to-follow Tools for guests to ask Help guests find the right open dates for guests with hosts, suggest ways page with everything questions, get to know fit and let hosts know Average annual earnings per and set customer pricing to improve and build guests need to know their host, and easily what they’re doing well host(1) their business about their trip coordinate with hosts or can improve

Source: Company filings, Bloomberg and press releases. (1) As of 9/30/2020. 44 (2) As of 10/2020. PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO

Transaction Overview Post-IPO Stock Price Performance

− Rocket Companies, the Detroit-based $35 120mm mortgage giant, went public on August 6, selling 100MM in Class A shares at $18.00 $30 per share for total proceeds of $1.8Bn 100mm − The company’s shares gained ~20% on their $25 80mm Went public on 6/8 trading debut, closing at $21.51 $20 (NYSE: RKT) − The company currently trades at an 60mm enterprise value of $40.8Bn(2), which $15 Market Cap represents 3.1x LTM revenue and 5.2x LTM EBITDA, based on LTM revenue and EBITDA 40mm $40.1Bn(1) $10 of $13.2Bn and $7.8Bn, respectively, as of September 30 $5 20mm − Headquartered in Detroit, MI, the company was founded in 1985 and has increased its $0 0mm

market share to 9.5% in Q1 2020

Jan-21

Oct-20

Sep-20

Dec-20 Aug-20 − Rocket Companies currently has ~20,000 Nov-20 employees, all of whom are based in the United States

Management Team

Dan Gilbert, Chairman Jay Farner, CEO Robert Walters, President & COO Julie Booth, CFO Founded Quicken Loans in 1985 Joined Quicken Loans in 1996 Joined Quicken Loans in 1997 Joined Quicken Loans in 2003

Source: Company filings, Wall Street Journal and press releases. (1) Market Capitalization as of 1/22/2021. 45 (2) Excludes funding facilities liabilities. PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO (CONT’D)

Family of Companies Quicken Loans / Rocket Mortgage Offerings

Mortgage Origination: virtually verify financial info, customize mortgage, get approved & lock the rate

Founded in 1985, Quicken Loans offers mortgages, refinancing and loans. It also provides technology, education and customer service to help with the Refinancing: online application process mortgage process with less paperwork, and ability to track the status of the application

Flagship Home Platform Mortgage Rate Tracker: email and text updates on rates, mortgage news, etc.

Direct to Consumer Partner Network Servicing

Learning Center: listed articles to understand the mortgage process

Calculators: downloadable mortgage calculators, affordability calculators, refinance calculators and amortization calculators

Product Extension Geographic Expansion RE Agent Referrals: refer clients to Quicken’s sister company, Rocket Homes, which partners with top-rated agents in all 50 states

Source: Company filings, Bloomberg and press releases. 46 PARENT OF QUICKEN LOANS & ROCKET MORTGAGE IPO (CONT’D)

Rocket Companies Financial Detail ($MM) Rocket Companies Revenue Breakdown ($MM)

− Track record of creating value through profitable growth with a capital-light business model

− Significant EBITDA margin expansion over the last 3 years, growing from $17,000 13% in 2018 to 56% in LTM 9/20 $12,967 80%

$15,000

$14,000 $1,519 $12,967 67% $13,000 70% $1,028

$12,000

$11,000 56% 60%

$9,000 $10,000

$8,733 50% $5,120 $7,000 $8,000 38% $7,308 $739 $12,367 40% $950 $5,000 $4,210

$6,000 $588 $5,120 30% $3,000 $820 $4,210 $4,911

$4,000 17% $2,928 $1,000 15% 20% ($229) $1,940 13% ($1,000) ($1,597) $2,000 ($2,051) 10% $892 $529 $613

($3,000)

$0 0% CY18A CY19A LTM as of 9/20 CY18A CY19A LTM as of 9/20 Gain on Sale of Loans Servicing Fee Income Revenues Adj. EBITDA Change in Fair Value of MSRs Other Income Net Income % EBITDA Margin % Net Income Margin Interest Income

Total 2019 Servicing Clients: 1.8MM

Source: Company filings and press releases. 47 THE RISING ROLE OF SPACS (SPECIAL PURPOSE ACQUISITION COMPANIES)

SPAC Industry Overview

» SPACs are publicly traded “blank check” companies (i.e., “blind pool” capital) launched to acquire a public-market ready operating business

» SPAC “sponsors” are typically experienced executive teams and / or deal professionals who take a shell company public, then source / diligence a deal with a private operating company, negotiate the transaction and generally provide ongoing expertise / sit on the board (but do not usually act as operators)

» The SPAC market shattered historical records in 2020 with 248 SPAC IPOs in the U.S. raising $83.0Bn in capital(1)

» Given general momentum in the PropTech market and public market investor appetite to invest behind the PropTech market, there have been multiple successful PropTech mergers and active SPACs currently focused on the PropTech space (e.g., Property Solutions Acquisition Corp & Lionheart Acquisition Corp. II)

Selected PropTech-Related SPACs

To merge with To merge with To merge with To merge with To merge with To merge with

Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital from from from from from from Undisclosed Transaction Value at Transaction Value at Transaction Value at Transaction Value at Transaction Value at Transaction Value at Announcement: $1.9Bn Announcement: $16.1Bn Announcement: $4.8Bn Announcement: $523MM Announcement: $1.7Bn Announcement: $4.2Bn

Source: Company websites, press releases, company investor presentations, Wall Street research. (1) SPAC Insider as of 1/4/2021. 48 OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (NYSE: IPOB)

Transaction Overview Pro-Forma Ownership Structure(1)

− On September 15, Opendoor Labs, Inc. 9.5% PIPE announced that it entered into a definitive agreement to merge with Social Capital 6.6% IPOB Shareholders Hedosophia Corp. II (NYSE: IPOB), a blank- To merge with check special purpose acquisition company 3.0% Management Awards(2) − The offer price implies an enterprise value of ~$4.8Bn, which represents ~1.0x 2019A 1.6% IPOB Sponsors(3) revenue Transaction Value at Announcement: − The transaction was expected to provide up to 79.3% $4.8Bn $1.0Bn in cash proceeds, including a fully committed PIPE of $600MM and up to Existing Shareholders $414MM of cash held in the trust account of Social Capital Hedosophia Holdings Corp. II

Financial Overview(4) Key Metrics

$9,767 $10,000 3.5% Unit Economics(6) Economies of Scale

1.5% $8,000 0.1% $8K/home 50% $6,183 (0.5%) (5) $6,000 Contribution Margin (CM) Reduction of Spend/Home $4,741 Over Last 2 Years (2.5%) (2.0%) $4,000 (4.6%) $3,456 $5K/home 40%+ $2,455 (4.5%) $1,838 CM After Interest Bulk Pricing Discounts on Home $2,000 (5.4%) (5.7%) (6.5%) Refurbishment Materials (7.1%) - (8.5%) $19K/home 10K+ CY18A CY19A CY20E CY21E CY22E CY23E Long-Term CM Target Subcontractors on Platform Total Revenue ($MM) Adj. EBITDA Margin

Source: Company websites, press releases and company investor presentation. (3) Excludes investment in PIPE. (1) Total shares include 500MM rollover equity shares, 41.4MM IPOB public shares, 60MM shares from (4) Estimates for CY20E-CY23E per company investor presentation as of 9/15/2020. PIPE, 10.4MM IPOB founder shares and 18.9MM bonus shares to management. (5) Contribution Margin defined as GAAP Gross Profit less selling and holding costs associated with the (2) 1.0% of the management bonus award will be allocated to the CEO, while the remainder will be sale of a home. 49 allocated by the compensation committee of the combined company. (6) Contribution Margin as of Q1 2020. OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (CONT’D)

Investment Thesis Homes Sold(1)

Large, fragmented and undisrupted addressable market accelerated by the need for convenience, speed, trust and safety 37,689

Strong tailwinds driven by the COVID-19 pandemic and rapidly growing digitally-native millennial population 24,030 Enhanced credibility with customers, premier sponsor expertise and 18,799 access to more affordable capital as a result of the merger 13,458 Significant cost and pricing advantages due to economies of scale and 9,673 strong network effects powered by ML-based service stack 7,470

Substantial opportunities for expansion into high-margin segments such as home warranty and moving services as the platform evolves CY18A CY19A CY20E CY21E CY22E CY23E Company Overview

Digital Market Leader with Rapid Growth and Scalable Business Model Residential RE Market Opportunity

21 Markets 5MM Buy-Renovate-Sell Annual Homes Sold 80K Homeowners Served $1.3Tn Attract Customers Refine Service Stack $10Bn Homes Sold Total Annual GMV <1% 70 Net Promoter Score(2) Expand Offerings Online Penetration

Source: Company websites, press releases and company investor presentation. (1) Estimates for CY20E-CY23E per company investor presentation as of 9/15/2020. 50 (2) Net Promoter Score metrics based on company data, public filings and 3rd-party research. OPENDOOR WENT PUBLIC THROUGH MERGER WITH SCH (CONT’D)

Title & Escrow Transactions Since Launch(1) Adjacent Services Roadmap(2) 12000 100.0% 82.9% Established Target CM / Home 78.4% 75.9% 10000 74.5% 75.8% 80.0% Title & Escrow $1,750 8,157 57.8% 8000 7,031 60.0% Recently Launched

6000 36.1% 5,394 40.0% Home Loans $5,000 4,720 21.6% 3,951 Buy with Opendoor $5,000 4000 20.0% 5.7% 2,381 List with Opendoor $3,750 2000 1,134 0.0% To Be Launched 510 103 0 -20.0% Home Warranty, Upgrade & Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Remodel, Home Insurance, Moving $7,500 Services # of Transactions Attach Rate Phoenix, AZ Unit Economics

Q1 2020 Margins at 4% Market Share Phoenix, AZ at Scale

$20K/home $7.1K/home $6.5K/home $19K/home

(2.6%) $1.9K/home $1.5K/home 2.4% $11K/home (0.7%) 0.6% 7.3% 7.0%

4.0%

Adjusted Gross Margin Selling Costs Holdings Costs Contribution Margin Cost Optimization Additional Services Long-Term Target Contribution Margin Source: Company websites, press releases and company investor presentation. (1) Attach rate based on total acquisition and Resale Closes in markets where company title product is active, beginning 3Q17. 51 (2) Active adjacent services Contribution Margin / home based on company forecasts assuming $250K home. To be launched category reflects company estimates. FINANCE OF AMERICA TO GO PUBLIC THROUGH MERGER WITH RPLA

Transaction Overview Pro-Forma Ownership Structure

− On October 13, Finance of America 2% Replay Sponsor announced that it entered into a definitive agreement to merge with Replay Acquisition 13% PIPE Investors A Portfolio Company of Corp. (NYSE: RPLA), a blank-check special purpose acquisition company 15% Replay Stockholders − The transaction implies a pro forma combined To merge with equity value of $1.9Bn, which represents 9.1x 2021E revenue 53% Transaction Value at − The is expected to close in the first half of Existing Announcement: $1.9Bn 2021 and will be funded by a combination of 70%Shareholders (2) Pending $288MM of RPLA cash held in a trust account Seller Rollover and $250MM of proceeds from PIPE raise, with existing shareholders receiving 70% of pro-forma equity(1)

Financial Overview 80% Key Metrics

$2,000 $1,893 70% $1,754 $1,666 $32Bn $550MM

60%

$1,500 CY20E Total Originations CY20E Adj. EBITDA(2) 50% Across 99,000+ Customers

35% 40% $1,000 $894 33% 33% $789 >1,000 45% 30% $667 $550 $577 Fee Based Clients CY18A-CY20E Revenue CAGR 25% $476 20% $500 14% $410 21%$348 23% 8% 6% 10% 4% $35 $57 $60 $124 ~100 33% $0 0% CY18A CY19A CY20E CY21E CY22E Unique Investors CY20E Adj. EBITDA Margin(2) Revenue Adj. EBITDA Adj. Net Income % EBITDA Margin % Net Income Margin Source: Company websites, press releases and company investor presentation. (1) Assumes no Replay stockholder has exercised its redemption rights to receive cash from the trust account. 52 (2) Adjustments include depreciation of fixed assets, amortization of intangible assets, corporate debt interest expense and changes in deferred purchase price liabilities. FINANCE OF AMERICA TO GO PUBLIC (CONT’D)

Investment Thesis Addressable Markets

Diversified, capital-light business with fully integrated capabilities, favorable housing market tailwinds and a large TAM

Dearth of Investable Built to resist cyclical downsides of traditional mortgage businesses Assets Providing with best-in class technology and product diversity Attractive Risk $41Bn U.S. Focused Fixed Adjusted Yields Income AUM Proven product innovator and successful acquirer with ability to pivot Enables Purchase of a resources efficiently to take advantage of market opportunities $11Bn Customer’s Largest Financial Mortgage Debt Outstanding Asset and Achieve Goal of Strong Value Homeownership High quality management team with a proven history of value Proposition for $7Bn creation and acquisition expertise Customers with Low Untapped Senior Home Equity Market Penetration Growing Today $3Bn Demographic Home Value of Investor Properties Demand With Aging Housing Stock in Need of Upgrade Finance of America Platform and Opportunity

Today Tomorrow

Lending Services Investing Near Term Innovation and M&A

Agricultural Loans

Agency and non- Government and Fix and flip multi- Title, appraisal Broker / dealer Retirement Mortgage agency mortgages proprietary reverse property and single management, MSR platform, leading mortgages property investor brokerage and the distribution of Fund Management loans valuation, student assets generated lending technology by origination Distribution network of ~280 locations, 1,000+ loan and senior living channels Point of Sale Lending officers, network of 1,200+ third party originators, and platform digital / direct-to-consumer Home Improvement

Source: Company websites, press releases and company investor presentation. 53 PORCH WENT PUBLIC THROUGH MERGER WITH PTAC (NASDAQ: PTAC)

Transaction Overview Investment Thesis

− On July 31, Porch.com, Inc. announced that it entered into a definitive agreement to merge with PropTech Acquisition Corporation (NASDAQ: PTAC), a blank-check special Large Addressable Market Defensible Moat To merge with purpose acquisition company >$200Bn addressable TAM that will Software for home services provides − At announcement, the transaction implied a continue to expand access to unique data about homebuyers pro forma combined enterprise value of $523MM, which represents 4.4x 2021E 53% Transaction Value at revenue Announcement: Existing (2) $523MM − After the shareholders vote, shares of the Predictable Business Model Attractive FinancialShareholders Results special-purpose acquisition company closed at $12.68, up 25 percent from July when the Software provides consistent, 49% expected 3-year revenue CAGR(1), Porch deal was announced recurring and highly scalable B2B2C 78% 2020E gross margins and 30x transaction revenue LTV/CAC(2) Company Overview Financial Overview 140 120.0% Porch’s Strategy in the Home Services Industry $120 120 70.0% 1. Porch provides software and services 100 to home services companies such as $73 20.0% home inspection and moving 80 $57 5.8% 60 2. Through these companies, Porch gains (13.7%) -30.0% $36 early access to homebuyers weeks 40 (52.6%) before everyone else -80.0% 20 (80.6%)

3. Porch generates B2B2C transactional 0 -130.0% revenues by facilitating key and high CY18A CY19A CY20E CY21E value service purchases for these consumers Total Revenue ($MM) Adj. EBITDA Margin

Source: Company websites, press releases and company investor presentation. the Customer Acquisition Cost and represents all variable costs (sales and marketing) required on (1) Based on 2018 pro forma through 2021E Porch revenue. average to acquire a new company. The LTV/CAC shown here is for an average inspection company 54 (2) LTV is calculated by taking total contribution margin after CAC, divided by the number of Porch acquires. customers and then multiplied by the average expected life of an account, capped at 5 years. CAC is I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

55 APPENDIX Select M&A Activity ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 12/24/2021 NA NA NA NA NA Provider of cloud-based software for homebuilders, remodelers and specialty contractors

12/21/2020 NA NA NA NA NA Developer of ResWare title and escrow production platform Provider of a technology platform that enables real estate owners and managers to change how people 12/21/2020 $10,200 9.1x NA 32.5x NA experience and use rental space Houses.com domain 12/18/2021 NA NA NA NA NA The acquisition of Houses.com sets the stage for CoStar Group's entry into residential real estate marketplaces name Developer of an online platform for independent landlords and tenants that provides the tools, education and 12/16/2020 NA NA NA NA NA support to make renting easy 12/8/2020 NA NA NA NA NA Provider of web-based software solutions for the real estate industry Provides agents and homebuyers with real-time MLS data and enhanced property features alongside digital 11/22/2020 250 NA NA NA NA marketing tools to reinforce client-agent relationships 11/9/2021 NA NA NA NA NA Provider of original InsurTech that allows consumers and businesses to easily compare and purchase insurance Developer of technology that supports the ongoing valuation, underwriting and asset management of 11/3/2020 NA NA NA NA NA commercial and multifamily real estate assets and loans 10/29/2020 NA NA NA NA NA Provider of residential property management software Leading provider of transaction management, forms and back-office software to the residential real estate 10/23/2020 NA NA NA NA NA 2020 broker, MLS and agent ecosystem Provider of a personal finance app that lets people save for a down payment on a home, manage the equity in 10/15/2020 NA NA NA NA NA their home and monitor their credit score 10/5/2020 NA NA NA NA NA Developer of a real estate technology platform intended to provide a seamless home closing experience

9/21/2020 NA NA NA NA NA Developer of a location intelligence software designed to collect and analyze geospatial data Developer of risk management software intended to help the residential mortgage industry solve fundamental 9/15/2020 NA NA NA NA NA problems and minimize operational risks 9/1/2020 180 NA NA NA NA Provider of online consumer payment portals for real estate-related payment processing

9/1/2020 NA NA NA NA NA Developer of a digital platform designed for mortgage loan originators and borrowers Operator of a B2B internet of things company intended to offer internet of things services to the real estate 8/31/2020 NA NA NA NA NA industry, with a focus on access and energy management tools 8/30/2020 NA NA NA NA NA Developer of construction accounting software and payroll services for small- to mid-sized specialty contractors

8/27/2020 NA NA NA NA NA Developer and provider of digital document verification solutions

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. 56 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Developer of a property disclosure software designed to help real estate agents manage property disclosures 8/18/2020 NA NA NA NA NA listings 8/6/2020 NA NA NA NA NA Developer of lease administration software Developer of software products and services designed to be used by mortgage lenders to process mortgage 8/6/2020 $11,000 12.2x(1) NA 23.4x(1) NA applications 8/3/2020 NA NA NA NA NA Developer of real estate search and consumer engagement platform

7/27/2020 1,800 NA NA NA NA Operator of an online mortgage marketplace catering to investors, lenders and originators

7/22/2020 NA NA NA NA NA Developer of software solutions for enabling construction companies

7/8/2020 NA NA NA NA NA Operator of a real estate data technology

7/7/2020 NA NA NA NA NA Provider of home inspection and building services intended to provide interior and exterior caring services

6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and 6/25/2020 NA NA NA NA NA agents by empowering consumers to build wealth through homeownership Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data 6/24/2020 NA NA NA NA NA 2020 from over 600 individual Multiple Listings Services (MLS) Provider of a residential real estate search site and end-to-end platform for consumers and agents to 6/24/2020 NA NA NA NA NA collaborate 6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services Provider of tools to access data across the entire enterprise that optimize space use, meeting room 5/13/2020 NA NA NA NA NA coordination, workplace moves and asset management 5/13/2020 190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a 4/2/2020 NA NA NA NA NA suite of smart, flexible models, calculators and tools for the single-family real estate sector 3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. (1) LTM multiples reflect 2020E figures. 57 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of automated valuation models and other property valuation tools for appraisers, appraisal 3/3/2020 NA NA NA NA NA management companies, lenders, investors and government agencies Developer of financial education and recommendation platform intended to offer free credit scores and 2/25/2020 $7,100 7.1x NA NA NA reports with monitoring 2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution 2020 Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and 1/22/2020 NA NA NA NA NA Canada 1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers Provider of property management software and services for public and affordable housing organizations in the 1/8/2020 NA NA NA NA NA United States Provider of data science, machine learning and human interaction to help real estate professionals better 12/18/2019 NA NA NA NA NA leverage the value of their personal network 12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians Provider of a system designed to integrate artificial intelligence and machine learning solutions into an 11/19/2019 NA NA NA NA NA organization's overall business strategy 11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services 2019 11/7/2019 400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary Global Relocation Business

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

10/1/2019 450 7.0x(1) NA 28.1x(1) NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. (1) LTM multiples reflect 2019E figures. 58 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of a search platform for real estate properties designed to collaborate and make the process of finding 10/1/2019 NA NA NA NA NA and purchasing a home more efficient and personalized Provider of property tax management services to lenders, real estate investment trusts, and property 9/25/2019 NA NA NA NA NA management companies 9/20/2019 $152 NA NA NA NA Provider of storage facility services

9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end-to-end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real estate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market Provider of an end-to-end SaaS platform for the residential real estate industry, offering various agent 8/21/2019 NA NA NA NA NA productivity tools 8/19/2019 NA NA NA NA NA Predictive analytics and data-driven marketing automation platform for the residential real estate industry 2019

8/8/2019 NA NA NA NA NA Provider of business intelligence software for the construction industry

8/6/2019 NA NA NA NA NA Online marketplace for furnished apartments aimed at the vacation, business and student markets

8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents Workplace real estate management and operations platform, offering space planning and portfolio 7/30/2019 NA NA NA NA NA optimization 7/24/2019 NA NA NA NA NA Real estate investment analytics platform offering valuation tools

7/16/2019 NA NA NA NA NA Provider of project management software for commercial property owners and developers

7/10/2019 NA NA NA NA NA Tech-enabled direct mortgage lender targeting the luxury buyer segment

7/9/2019 NA NA NA NA NA Provider of a predictive listing and lead generation platform for the rresidential real estate industry

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. 59 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of technology for tracking and engaging potential multifamily property residents and analyzing 6/20/2019 NA NA NA NA NA marketing returns Provider of advisory services, data management, partner management, application management and data 6/12/2019 NA NA NA NA NA analytics for the commercial real estate industry The credit, flood, income and tax verification services, government services, REO management and disposition, 6/4/2019 NA NA NA NA NA (Select Businesses) online foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions 6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features 5/23/2019 NA NA NA NA NA for accounting, budgeting and forecasting, job costing, lease management, reporting and Web design Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property 5/13/2019 NA NA NA NA NA marketing, transaction management and business intelligence tools Provider of cloud-based real estate and location data platforms serving more that 350,000 business and 5/13/2019 NA NA NA NA NA government users Provider of cloud-based operations management software that automates enterprise asset management 5/3/2019 $500 NA NA NA NA workflows such as work order, inventory, energy, capital planning and facility scheduling Operator of a network connecting agents and jurisdictions that underpin residential mortgage records, 5/1/2019 335 NA NA NA NA streamlining the local recording of residential mortgage transactions Provider of real etstate transaction forms and transaction management software for the residential real estate 4/22/2019 NA NA NA NA NA industry Online mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and 4/17/2019 NA NA NA NA NA 2019 competitive rates 4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry

3/26/2019 NA NA NA NA NA Provider of an operational cost analytics platform for commercial real estate facilities

3/19/2019 2,083 3.1x 3.1x 12.3x 12.3x Provider of capital markets and brokerage services to owners of commercial real estate

3/13/2019 205 NA NA NA NA Provider of environmental due diligence information

3/7/2019 ~400 (1) NA NA NA NA Provider of an online hotel booking platform offering low rates on last-minute bookings

3/5/2019 NA NA NA NA NA Operator of a real estate appraisal firm that specializes in right-of-way appraisal and litigation

3/4/2019 NA NA NA NA NA Operator of a luxury residential real estate company focusing on the San Francisco Bay Area

3/1/2019 NA NA NA NA NA Provider of an online real estate brokerage offering low-cost home sales

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. (1) Per Skift report, 3/8/2019. 60 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents Provides an online platform for home exchanges, connecting like-minded travelers and enabling them to swap 2/14/2019 NA NA NA NA NA vacation homes 2/12/2019 $3,390 7.1x 6.3x 27.7x(1) 21.9x(1) Provider of loan origination SaaS for the financial sector

2/7/2019 NA NA NA NA NA Provider of residential real estate workflow and transaction management software

2/7/2019 NA NA NA NA NA Developer of a data platform that tracks the identity and behavior of people in the physical world 2019 2/4/2019 NA NA NA NA NA Provider of operating cost analytics software for large data center operators

1/9/2019 / NA NA NA NA NA Provider of applicant screening platforms for the multifamily real estate industry and corporate employers

1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers

1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics Provider of an online analysis website for consumers seeking advice on financial topics such as insurance, 12/21/2018 105 6.3x NA 8.8x NA investing and credit cards Developer of a construction bid management platform designed to connect businesses in the construction 12/20/2018 275 NA NA NA NA industry 12/17/2018 NA NA NA NA NA Provider of marketing services for real estate in Chantilly, Virginia

12/6/2018 NA NA NA NA NA Provider of real estate settlement and title underwriting services Provider of an online hotel booking platform intended to serve the travelers, expats and locals around the 12/6/2018 NA NA NA NA NA world 12/5/2018 NA NA NA NA NA Provider of software designed to offer workplace space management and optimization 2018 Provider of appraisal and title management services to mortgage originators, quality control companies, due 11/21/2018 NA NA NA NA NA diligence firms, and other institutions involved in the real estate finance industry 11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information Provider of an online property rental management platform designed to make the rental process simple, 11/8/2018 68 NA NA NA NA secure and intuitive 11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions

10/25/2018 NA NA NA NA NA Developer of a property management platform designed to offer information on short-term rentals

Mean 7.4x 6.1x 22.1x 17.1x Median7.1x 6.3x 25.6x 17.1x

Source: Capital IQ as of 12/31/2020, PitchBook, company filings. (1) EBITDA multiples based on adjusted EBITDA. 61 PROPTECH ECOSYSTEM

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 1/22/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E RE Media / Portals CoStar Group, Inc. $896.05 $35,321 $2,745 $32,576 $1,648 $1,907 19.8x 17.1x NM 49.2x 18% 16% 32% 35% Zillow Group, Inc. $152.05 $35,378 ($416) $35,794 $3,284 $4,844 10.9x 7.4x NM NM 20% 47% 9% 8% REA Group Limited $110.19 $14,557 ($72) $14,629 $630 $748 23.2x 19.5x 39.1x 32.2x (2%) 19% 59% 61% Scout24 AG $80.52 $7,878 $155 $7,723 $431 $460 17.9x 16.8x 30.2x 28.0x 6% 7% 59% 60% Rightmove plc $8.58 $7,470 $48 $7,422 $274 $393 27.1x 18.9x 40.8x 25.3x (29%) 44% 66% 75% LIFULL Co., Ltd. $3.54 $466 $19 $447 $335 $375 1.3x 1.2x 12.4x 7.5x (9%) 12% 11% 16%

RE Media / Portals Mean: 16.7x 13.5x 30.6x 28.4x 1% 24% 39% 42% Median: 18.8x 16.9x 34.6x 28.0x 2% 17% 46% 47%

RE Data / RE Software Black Knight, Inc. $82.30 $12,792 ($2,312) $15,104 $1,233 $1,405 12.3x 10.8x 24.9x 21.3x 5% 14% 49% 50% CoreLogic, Inc. $77.30 $6,012 ($1,391) $7,403 $1,656 $1,631 4.5x 4.5x 11.8x 12.0x (6%) (2%) 38% 38% Altus Group Limited $39.62 $1,605 ($96) $1,701 $437 $482 3.9x 3.5x 23.0x 18.8x (0%) 10% 17% 19% Real Matters Inc. $14.73 $1,242 $121 $1,120 $480 $575 2.3x 1.9x 14.9x 11.5x 31% 20% 16% 17%

RE Data / RE Software Mean: 5.7x 5.2x 18.6x 15.9x 7% 11% 30% 31% Median: 4.2x 4.0x 18.9x 15.4x 2% 12% 27% 28%

Property Management Software RealPage, Inc.(1) $88.75 $9,629 $571 $10,200 $1,156 $1,283 8.8x 7.9x 32.0x 28.0x 17% 11% 28% 28% AppFolio, Inc. $157.00 $5,390 $109 $5,280 $311 $351 17.0x 15.1x NM NM 22% 13% 17% 18% Agilysys, Inc. $44.88 $1,052 $71 $980 $140 $165 7.0x 5.9x 43.7x 41.0x (11%) 18% 16% 14%

Property Management Software Mean: 10.9x 9.7x 37.9x 34.5x 9% 14% 20% 20% Median: 8.8x 7.9x 37.9x 34.5x 17% 13% 17% 18%

Residential Brokerage Redfin Corporation $75.27 $7,703 $129 $7,575 $875 $1,213 8.7x 6.2x NM NM 12% 39% 5% 7% Realogy Holdings Corp. $16.00 $1,847 ($3,671) $5,518 $5,891 $6,493 0.9x 0.8x 7.8x 7.8x 5% 10% 12% 11% eXp World Holdings, Inc. $102.92 $7,199 $87 $7,113 $1,700 $2,437 4.2x 2.9x NM NM 73% 43% 3% 4% RE/MAX Holdings, Inc. $39.66 $736 ($192) $928 $264 $294 3.5x 3.2x 10.2x 8.8x (6%) 11% 35% 36% Purplebricks Group plc $1.30 $398 $97 $300 $130 $132 2.3x 2.3x 33.7x 18.4x 0% 1% 7% 12%

Residential Brokerage Mean: 3.9x 3.1x 17.2x 11.7x 17% 21% 12% 14% Median: 3.5x 2.9x 10.2x 8.8x 5% 11% 7% 11%

Source: Capital IQ as of 1/22/2021. “NM” signifies multiple >40x. 62 (1) Stock Price, Equity Value and Enterprise Value as of Thoma Bravo acquisition announcement date (12/21/2020). PROPTECH ECOSYSTEM (CONT’D)

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price EquityNet Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 1/22/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E Commercial Brokerage CBRE Group, Inc. $66.02 $21,638 ($2,914) $24,552 $23,286 $24,5151.1x1.0x 14.7x 13.2x(3%) 5%7%8% Jones Lang LaSalle Incorporated $159.90 $8,203 ($3,333) $11,536 $8,698 $9,3531.3x1.2x 14.7x 11.9x(13%) 8%9%10% Cushman & Wakefield plc $15.20 $3,369 ($3,064) $6,433 $7,778 $8,2350.8x0.8x 14.0x 10.7x(11%) 6%6%7% Colliers International Group Inc. $92.46 $3,703 ($1,245) $4,948 $2,708 $3,2921.8x1.5x 15.6x 12.0x(11%) 22%12%13% Newmark Group, Inc. $7.33 $1,322 ($2,363) $3,685 $1,778 $1,9482.1x1.9x 11.0x9.0x(20%) 10%19%21% Savills plc $14.52 $1,991 ($330) $2,321 $2,432 $2,6251.0x0.9x 12.3x9.6x(5%) 8%8%9% Marcus & Millichap, Inc. $40.04 $1,576 $98 $1,478 $617$730 2.4x2.0x 29.0x 17.5x(24%) 18%8%12%

Commercial Brokerage Mean: 1.5x1.3x 15.9x 12.0x (12%) 11%10%11% Median: 1.3x1.2x 14.7x 11.9x (11%) 8%8%10%

Traditional Mortgage / Title Rocket Companies, Inc. $20.05 $40,089 ($675) $40,764 $15,438 $11,0782.6x3.7x4.2x7.6x 194% (28%) 63%48% Fidelity National Financial, Inc. $39.44 $11,582 ($612) $12,194 $9,739 $10,0681.3x1.2x7.6x5.7x 15%3%17%21% First American Financial Corporation $54.63 $6,099 ($327) $6,427 $6,782 $6,3520.9x1.0x5.9x6.8x 9% (6%) 16%15% Radian Group Inc. $20.67 $3,959 ($1,519) $5,479 $1,358 $1,4074.0x3.9x NANA (11%) 4% NANA Stewart Information Services Corporation$50.25 $1,343 $137 $1,206 $2,140 $2,2990.6x0.5x5.7x5.4x 10%7%10%10% Altisource Portfolio Solutions S.A. $11.17 $175 ($244) $419$365$274 1.1x1.5x 28.4x 10.5x(44%) (25%) 4%15%

Traditional Mortgage / Title Mean: 1.8x2.0x 10.4x7.2x 29% (8%) 22%22% Median: 1.2x1.4x5.9x6.8x 10% (1%) 16%15%

Credit / Mortgage Marketing LendingTree, Inc. $318.04 $4,174 ($510) $4,683 $905 $1,0755.2x4.4x 39.8x 27.1x(18%) 19%13%16% Moneysupermarket.com Group PLC $3.70 $1,987 ($34) $2,021 $471$502 4.3x4.0x 14.0x 12.1x(8%) 7%31%33% QuinStreet, Inc. $22.07 $1,167 $85 $1,083 $505$541 2.1x2.0x 28.2x 22.6x 5%7%8%9%

Credit / Mortgage Marketing Mean: 3.9x3.5x 27.3x 20.6x(7%) 11%17%19% Median: 4.3x4.0x 28.2x 22.6x(8%) 7%13%16%

RE Sharing Economy / Travel Booking Holdings Inc. $2,066.24 $84,623 ($1,254) $85,877 $6,752 $10,193 12.7x8.4x NM 26.0x(55%) 51%13%32% Airbnb, Inc. $181.87 $109,567 ($4,296) $113,863 $3,247 $4,484 35.1x 25.4x NMNM (32%) 38% (10%) 0% Expedia Group, Inc. $136.52 $19,312 ($4,995) $24,307 $5,385 $7,7824.5x3.1x NM 19.5x(55%) 44% (5%) 16% TripAdvisor, Inc. $33.19 $4,465 ($71) $4,536 $596$952 7.6x4.8x NM 22.6x(62%) 60% (6%) 21%

RE Sharing Economy / Travel Mean: 15.0x 10.4x NM 22.7x (51%) 48% (2%) 17% Median:10.2x6.6x NM 22.6x (55%) 48% (5%) 19% Source: Capital IQ as of 1/22/2021. “NM” signifies multiple >40x. 63 PROPTECH ECOSYSTEM (CONT’D)

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price EquityNet Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 1/22/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E Broader Data Moody's Corporation $266.70 $50,096 ($4,402) $54,498 $5,299 $5,402 10.3x 10.1x 20.3x 20.2x 10%2%51%50% Experian plc $36.02 $32,897 ($4,169) $37,066 $5,147 $5,6087.2x6.6x 20.7x 19.9x 3%9%35%33% Equifax Inc. $178.74 $21,742 ($2,842) $24,584 $4,090 $4,3506.0x5.7x 16.9x 16.8x 17%6%36%34% TransUnion $91.91 $17,490 ($3,234) $20,725 $2,715 $2,8997.6x7.1x 20.0x 18.2x 2%7%38%39% Fair Isaac Corporation $496.16 $14,437 ($778) $15,216 $1,316 $1,369 11.6x 11.1x 31.4x 32.0x 10%4%37%35%

Broader Data Mean: 8.5x8.1x 21.9x 21.4x 8%6%39%38% Median: 7.6x7.1x 20.3x 19.9x 10%6%37%35%

Source: Capital IQ as of 1/22/2021. “NM” signifies multiple >40x. 64 GCA is a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

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